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Bad idea to take ROTH contributions out early?
Posted on 3/24/14 at 7:50 am
Posted on 3/24/14 at 7:50 am
Not the gains, just the contributions. Planning for retirement in 5 years, will be 55 years old. Was just thinking if I needed a bit of extra money before I reach 59 1/2, figured I could take some of my contributions out to cover expenses.
Is that an awful idea?
Is that an awful idea?
3
Posted on 3/24/14 at 8:30 am to kywildcatfanone
If you have to pull money out of your retirement funds to get you to retirement age of 59 1/2 you should probably be working till you reach 59 1/2.
Posted on 3/24/14 at 9:08 am to kywildcatfanone
It's your account, you would know better than us. You will lose the interest you would get otherwise.
Posted on 3/24/14 at 9:27 am to kywildcatfanone
quote:
Is that an awful idea?
Nope. There is no penalty for early withdrawal of contributions so you're only losing out on interest savings. Congrats on being so close to retirement!
Posted on 3/24/14 at 9:34 am to C
I'm hoping that I wouldn't need to do that, but I'm thinking the ROTH is a good savings account, and if I needed to I could pull some principle out and use it if needed. That was all I was thinking.
Posted on 3/24/14 at 9:42 am to kywildcatfanone
I mean if the rest of your roth and 401K is well padded then i don't see an issue. I've got seperate investment accounts I plan to use to bridge the gap between my idea of retirement age and the governments.
Posted on 3/24/14 at 10:59 am to kywildcatfanone
I plan on doing the same thing when I get older. If I retire early I'll be living on roth/savings acct for awhile.
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